Clearwater real estate firm Meridian Development Group purchased the 196,636-square-foot, three-building 41 Industrial Center for $5 million.
The price equated to $25 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.
The development occupies an 11-acre site and was built in 1975. Its concrete block and masonry buildings feature a combined 40 dock-high doors and three-phase electrical power.
Meridian says the industrial center, located at Causeway Boulevard at U.S. Route 41, has not generated much leasing interest in recent years. The company plans to redevelop the center to take advantage of a planned Interstate 4/Selmon Expressway connector.
“From a logistics standpoint, the I-4/Expressway connector offers the southern eastside submarket near the Port of Tampa a tremendous boost in accessibility,” Steven Kossoff, managing director of Meridian Development Group, says in a press release. “This asset fronts the connector, and will have a dedicated exit for truck traffic that will drive right by our project. This creates a sizable advantage for the project in its logistical strength.”
Meridian plans to reintroduce the property in September under the new name, Meridian Eastside. Tom Bible of VIP Executive Realty represented the buyer and Jeff Lamm of Capo Industrial represented the seller, 41 Industrial Center Limited Partnership.
MDG currently owns and manages more than 2.4 million square feet of bulk warehouse, flex and office space with an aggregate value of more than $100 million.
Purchase entity Meridian East LLC mortgaged the property to BankUnited NA for $4 million.